* UDC must not expend any of the proceeds from the sale of assets to, or the borrowing from, the NYS Project Finance Agency for the construction or development of any new project which on 2/25/75 was not under construction by the UDC or the subject of a contract or other legally binding commitment for the construction or financing thereof by the UDC.

B. Eligibility Requirements: Property Use Requirements

Exemption

Statute

Owner

Property Use Requirements

U-01

PHFL §260

Community development corporation

Property must be used for urban renewal purposes.

U-02

Gen Muny L§506, 560

Municipality

Property must be used for urban renewal purposes - the redevelopment, through clearance, replanning, reconstruction, rehabilitation, and concentrated code enforcement, of substandard and insanitary areas.

U-03

Gen Muny L§ §555, 560

Municipal urban renewal agency

See Exemption U-02 above.

U-04

McK U Con L §6272

NYS Urban Development Corporation

Property must be used for urban renewal purposes - clearance, replanning, reconstruction, and rehabilitation of the area involved and development of recreational and other facilities incidental or appurtenant thereto.

U-05

PHFL §221

Urban redevelopment corporation

Property must be used for urban renewal purposes - clearance, rehabilitation, and reconstruction of a substandard and insanitary urban area.

U-06

Gen Muny L §696

Miscellaneous owners -- urban development action area project

Project must be used for urban renewal purposes and must include the construction of a new structure or the renovation, rehabilitation, or conversion of an existing structure where the cost of such renovation, rehabilitation, or construction is at least equal to 100% of the assessed value of the structure in the tax year immediately preceding the granting of the tax exemption.

C. Eligibility Requirements: Organizational Requirements

Type of Company

Law(s) under WhichIncorporation Required

Restrictions on Corporate Purposes or Activities asStated in Certificate of Incorporation

2. All income of corporation must be used exclusively for its corporate purposes.

3. None of corporation's net income may inure to the benefit or profit of any private individual or organization.

Urban redevelopmentcorporation

Bsns Corp L Article 4

1. Corporation must be organized to plan and carry out a development project for the clearance, rehabilitation, and reconstruction of a substandard and insanitary urban area under the supervision of the city's planning commission and its board of estimate or other appropriate official or agency.

2. Corporation may not undertake more than one development project.

3. While any of the corporation's real property is exempt from taxation the corporation is limited in the amount that it may pay in interest on its debentures and dividends on its stock.